India Arrests 4 People Alleged of Crypto Scam From 2017

India Arrests 4 People Alleged of Crypto Scam From 2017
  • Four individuals have been arrested over a $5.36 million crypto fraud and murder.
  • The crypto fraud happened in 2017 in which people were tricked to purchase ethers.
  • Prior to the latest ambush, the Indian police have arrested 7 people related to the case.

The Indian police have arrested four individuals who are allegedly associated with a cryptocurrency scam dating from 2017.

According to an article by The Times of India, these people were identified as Nishid Wasnik and his wife Pragati, alongside their aides Gajanan Mungune and Sandesh Lanjewar. These people were connected to a company named Ether Trade Asia.

Wasnik was accused of having operated the said company, which routed potential investors from purchasing Ethereum from ZebPay. The scheme proved dangerous; in fact, the accused were able to nab up to 400 million INR (around $5.36 million).

Aside from scamming people, Wasnik and his associates now face murder charges. Specifically, the police said that they were alleged to have kidnapped and murdered one of their close aides named Madhav Pawar. This was due to disputes over Pawar not giving away the password of important transactions.

As for the crypto scam, the article explained that Wasnik and his partners organized a lavish event at a hotel and invited would-be investors. During the event, they would make outlandish promises about crypto investments yielding huge profits. Unsuspecting victims would then purchase Ethereum from ZebPay and transfer the asset to Ether Trade Asia using a crypto wallet. 

Prior to the arrest of Wasnik, the Indian police ambushed seven individuals who are also linked to the case.

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